Almost all of you reading this right now have at least one credit card in your wallet. But the question is whether it is an AmEx credit card or not. Well, many of you would say a ‘yes,’ which proves their popularity. American Express is one of the leading financial services in the United States.
American Express 2019 Annual Report shows that the company had 54.7 million general-purpose cards in circulation within the country. The best part about AMEX is that they issue their cards directly to their customers, unlike other banks that use Visa and Mastercard. So, these cards are full of benefits and rewards.
But what if you fail to repay and become a defaulter? Well, that means you lose your present AMEX card and any benefits. Is there any way to earn the trust back? Well, it seems it is possible, with their AMEX Oasis Program that you can call a ‘second chance.’
Today, our topic of discussion is what the AMEX Oasis program is and how it can help. Without further ado, let’s get started.
What is the American Express Oasis Program?
You may or may not have heard of this program. But this program is very much present around you. However, there is a little twist to it. The problem is that what the American Express Oasis Program is, is confusing for many. So, what do you think? Is it like any other AMEX rewards programs?
In reality, it is much more than that. But, not everyone can or would ever want to avail it. So, what’s the mystery in it? The American Express Oasis program is a unique strategy of this financial entity to maintain its presence and keep its customers intact. Some call it a ‘second chance.’
But what has a ‘second chance’ to do with your financial setup? Well, for one thing, everyone deserves a second chance. American Express believes so as well. The overview of this program is that it lets you maintain the relationship with the bank even after you default the payments.
It is indeed a generous program that lets you carry an AMEX credit card in your pocket. However, there are some restrictions as well. But before that, let us know how to apply for the AMEX Oasis Program.
How to Apply for the American Express Oasis Program
By now, you might be interested to know how you can apply for the AMEX Oasis Program. Hold on! As we said earlier, this program is not for everyone. Yes, you have to be invited to join it. American Express chooses its clients based on their past records with the company.
The American Express Oasis Program is not available for everyone. There are some criteria for this, the most relevant of which is that you have to be a defaulter. Yes, if you are not a defaulter, you will not be eligible for the program.
The AMEX Oasis Program is called a ‘second chance’ because it allows a defaulter to keep the relationship with the bank.
So, even after you have had a bad record in their database, the company allows you to maintain a relationship through this program. But then again, you have to be invited. Without an invitation from the company, you cannot apply for the Oasis program card. In this process, the company goes through your past record and determines your eligibility.
Once you are eligible, they will send you an invitation, and you can apply using that. But before that, you have to pay all the money back. There will also be a time limit for that. You cannot ask for any discount or settlement, or you will not qualify for the Oasis program eligibility.
So, the three requirements for this program are:
- You have to be a defaulter
- You must have a good past record
- You have to clear the payment in full without any discount or settlement
Benefits of the American Express Oasis Program
Now the biggest question is whether you should welcome the invitation or not. Many people who had failed to make their payments and became defaulters have availed the program and encouraged others to do so.
However, some people are against it. There is logic in both directions. Let us break that down for you.
We will start with why you should apply for the American Express Oasis Program.
- It Lets You Stay Connected with American Express
Encouraging a bad reputation with a bank does not have any advantages for you. Instead, it may further ruin your financial standing. So, when a company like American Express lets you build that relationship again, it is an excellent choice to accept it.
Yes, you have failed your payments. But now, you are getting a second chance to get another credit card. So, if you want to keep using a credit card, the American Express Optima Card is the only option for you. So, it is better that if you get an invitation, try to pay the money back and get an Optima Card as soon as possible.
- It Improves Your Image
We don’t have to mention how important it is to keep your financial records stable. However, that record almost ruins when you fail to pay your debt. The same goes with AmEx. When the company allows you a certain credit limit on its cards, you are expected to pay within the due date.
If you fail and keep failing, you will be soon declared a defaulter. Now it damages your reputation. But when you get an Optima Oasis Card, it can fix that damage. As you keep paying the Optima Oasis Card due balance, your scores will keep improving. And when you keep a good record for 12 months, you can then open a real account in the bank.
- Easy to Pay
Optima Oasis cards have a lower credit limit. Well, it may undoubtedly seem a disadvantage, but it has a brighter side as well. When you have a lower CL, you will have to pay less. Now, it takes the burden of monthly payments off of your head, and you get time to improve your credit score.
For one thing, a low credit limit also helps you manage your expenses for several months as you keep growing your financial reputation. Once you cross 12 months, you can then reapply for a new AmEx account and get things back as before.
Disadvantages of the American Express Oasis Program?
Yes, the American Express Oasis program has many benefits. It lets you keep a credit card and also improves your score over time. With these, you can definitely get into a good relationship with American Express again. But, nothing comes without disadvantages.
The AmEx Optima Oasis Card also has certain drawbacks that you must know before applying.
- Low Credit Limit
As we were saying, a low credit limit does help you repay your debts faster and more efficiently, but it also kind of feels like a jail. And AmEx Optima Oasis card is that jail we are talking about. The idea of having a credit card even after being a defaulter may seem fascinating, but it binds you under a minimal credit limit.
The AmEx Oasis card allows you a credit limit of up to the 50% limit of your previous AmEx credit card limit. So, it is already a maximum of 50% of your last limit, which may not be sufficient for many.
In most cases, people don’t get even near that amount. So, things will be quite challenging if a credit card is an essential part of your life. It is undoubtedly one of the first reasons to deny the offer.
- You Cannot Increase the Credit Limit
Think about it- you have a credit card, and you have been paying all your debts on time. But then, you discover that your credit limits are not increasing. What will be your reaction? If you can visualize it, you know what is going to happen with the American Express Oasis Program.
For one thing, the AmEx Optima Oasis card already has a low credit limit or CL. Now, even worse, this limit won’t ever increase. There is no way that you can apply for an increase in your balance. So, until you get a real American Express account, you will have to manage with the limit you have.
- No Benefits or Rewards
Here comes another worse part. We know that credit cards are all about benefits and rewards. You swipe a credit card at a movie, and you earn some bonus. When you purchase something online using it, you will gain some cashback too. AmEx cards have lots and lots of such rewards and benefits to name.
But, the AmEx Optima Oasis card seems more like a punishment than a ‘second chance.’ This card not only has a fixed, low credit limit but does not offer you any benefit or reward at all. So, the maximum use of this card is using your balance and then paying it off.
What Should You Do?
These advantages and disadvantages are the most common confusing factors. After reading both sides, it is pretty evident that anyone would be troubled. If you are too, and asking yourself what you should do, here is a suggestion.
For one thing, the AmEx Oasis program is not available for everyone. Even if you are a defaulter, you may not receive an invitation from the company. If they invite you, they do so after judging your records and other factors. It means that they want you to have a good connection as their customer.
But then again, what about the disadvantages? Yes, you cannot dismiss them. They are very much present with this ‘second chance.’ But think about it, other banks would never offer you a ‘second chance’ in the first place. If AmEx is doing it, and if they allow you to fix your relationship again, shouldn’t you go?
Undoubtedly, American Express credit cards have numerous benefits. Starting from having an enticing credit limit, you get alluring rewards and cashback. Although they are not present in the Optimal Oasis card, you can get another real account after regaining their trust and start sailing the ship again.
So, yes, the suffering is for 12 months (or maybe more). But if you can manage, you will at least gain a good image over time. It will help you increase your damaged score as well. So, in our opinion, if you receive the offer, it would be a smart choice to accept. However, it would also mean that you are committing yourself not to repeat the mistake again.
Advantages of Using American Express Credit Cards
The American Express Oasis Program lets you build an honest relationship again with the company. However, if you are going against it, you might need to remember the benefits of American Express credit cards again. Yes, American Express credit cards are not just a symbol of status.
Instead, they have a lot of value to gain the spotlight. So, we have explained the benefits of AmEx credit cards and how they can help you get a better and more reliable service.
These reasons are the same reasons why people want to get an AmEx credit card in their wallets.
- Alluring Credit Limits
Any child can easily answer why we use credit cards. But when it comes to adults, they should know how fairly they can use it. Well, credit cards make your spending easier and hassle-free. American Express credit cards offer you alluring credit limits.
If you can keep paying the amount without missing anything, they will keep increasing the limit. Then again, if you do fail, the penalty is not that much either. And with the American Express Oasis program, you will still have a way out. It is one of the reasons that you would want to keep an AmEx card with you.
- Alluring Rewards
Another selling point of American Express credit cards is their alluring rewards. You can earn a reward with every swipe of your credit card. So, whether you are dining or shopping, you keep getting these with every spend. If you have ever had an American Express credit card, you would know how beneficial these rewards are.
Rewards are helpful since you can use them later on with more than 500 options on AmEx Membership Rewards Catalogue. It works like cashbacks only with the difference that you can’t use them everywhere. But, considering the huge number of member companies, these rewards are very lucrative.
American Express cards are probably the most travel-friendly cards in the market. If you travel a lot, there is, so far, no other better option than this. American Express lets you carry the card and your credit record across countries. So, you can access it anywhere without any trouble.
- Emergency Replacement
We cannot always guarantee the protection of our cards. We may lose them, or they can get stolen. But whatever happens, leading everyday life with your credit card can become pretty challenging. If you lose a credit card from other banks, you would have to wait for several days before you receive a replacement.
Thankfully, American Express understands the urgency. They are dedicated to their service and focus on customer satisfaction. It is one of the biggest reasons that the company provides you a replacement within 2 business days. It is pretty fast, considering the speed that others offer.
- Fraud Protection
With increasing digitalization, digital fraud has also become a new wave. AmEx, in fact, is always one step ahead. American Express keeps its eyes open and its database updated. Whenever they notice something suspicious around your account, they notify you. Thus, you stay protected against fraud.
But what if you become a victim? Don’t worry. American Express also has a solution for that. They don’t accuse you of being irresponsible. Instead, if you took good care of your card, they will be the first one to process the claim. Since American Express issues cards directly to you, there is no intermediary. So, the process is faster than any other bank.
It is pretty hard to find enough detail about the American Express Oasis program since it is not available to all. Plus, you have to become a defaulter to get invited. While becoming a defaulter is no man’s wish, we can’t always predict our situation. So, if, unfortunately, you even stand in that position and get invited to the program, be wise to accept it.
But again, before you can successfully get accepted, you have to pay the debt to the company in total. You cannot ask for any discount or settlement. The American Express Oasis program is a great way to settle your debts while maintaining a healthy relationship with the company.